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Search Results 0 to 38 of about 39 (some duplicates have been removed)
the crunch day is actually august 3rd, that's the day when the government has a big $23 billion social security payment and it has between $10 billion and $12 billion in tax revenue coming in. i think the really big issue for the treasury is going to be how it distinguishes between, if you will, paying back the money it already owes, paying back the government bond holders, and paying its ongoing running costs, things like social security, medicare, medicaid, military salaries and so forth, and i think the betting is that the government will put, will give a priority to paying the bills it already owes, to paying the bond holders, simply because if you don't do that, you go into massive default, and the whole global financial system i think really starts getting shaky, but not paying some of the big government commitments within the united states, that's going to get painful pretty fast. >> not paying the social securitys, the medicares, the medicaids of the world or even our defense budget that's as big of an issue for many in many mind as defaulting on our debt which would be a nonpa
the two minnesotans continues. tim pawlenty went after michele bachmann. >> there's a big difference in talking about things and getting them done. >> this is the third day in a row where we have seen tim pawlenty heat up in his rhetoric against michele bachmann. it's clearly trying to set up the two of them as they go mono on mono for this straw poll. what is interesting, there was a republican debate before the straw poll that takes place in iowa. so instead of everyone going after mitt romney, it's clear that there's going to be a little mini debate going on. all of that in the shadow of what is going on with rick perry and chris christie showing up. lots to go through. we're going to get to that later in the show. let's get to the big story. there's one week left to raise the debt ceiling. two sides feel like they are farther apart than ever. serving on the budget committee, senator, let's start with what is on the table. can you support harry reid's plan as it stands right now in the united states senate? >> no. but i don't think that we're that far apart, chuck. if you take the
is anything more than a big wet kiss to the right wing, and -- and i mean the tea party. that's who i mean. it's too bad his caucus is being run by such a small number of people. >> what will happen between this very moment and a potential vote tomorrow is anyone's guess in the town that is washington, d.c. amid all the bickering and tinkering, the nation is just six days away from a first ever general default, and the treasury reiterating in a statement moments ago there is no guarantee the government can meet all its obligations after an august 2nd deadline, so what are the remaining options for our dysfunctional government? nbc's kristen welker is at the white house and let's also bring in luke russert on capitol hill. kristen, we know both sides are crafting their budget deals, both trying to take the high road, but are there any signs that the differences between the two sides are narrowing, and does it seem as though they may conflate these two plans? >> reporter: well, at this point we don't have any indication that they are going to conflate the two plans. we should say there are, of c
for the auto industry. we examine the new round of labor talks between the u.a.w. and detroit's big three. >> ifill: ray suarez gets an update on the turmoil in libya. >> brown: and we close with a paul solman story about a convicted murderer and middle school dropout who now makes $80,000 a year after completing college while behind bars. >> these are my dreams. i fit in right here, but this is what i'm looking at, this is where i want to be, this is where i can be, this is where i deserve to be. >> brown: that's all ahead on tonight's "newshour." major funding for the pbs newshour has been provided by: >> i mean, where would we be without small businesses? >> we need small businesses. >> they're the ones that help drive growth. >> like electricians, mechanics, carpenters. >> they strengthen our communities. >> every year, chevron spends billions with small businesses. that goes right to the heart of local communities, providing jobs, keeping people at work. they depend on us. >> the economy depends on them. >> and we depend on them. and by the alfred p. sloan foundation. supporting scie
was the big question. it was cleveland himself who recommended going on a boat. >> lehrer: that's all ahead on tonight's "newshour." major funding for the pbs newshour has been provided by: >> well, the best companies are driven by new ideas. >> our history depends on new ideas. we spend billions on advanced technologies. >> it's all about investing in the future. >> we can find new energy-- more cleaner, safer and smarter. >> collaborating with the best in the field. >> chevron works with the smartest people at leading universities and tech companies. >> and yet, it's really basic. >> it's paying off everyday. and the william and flora hewlett foundation, working to solve social and environmental problems at home and around the world. and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> lehrer: senate democrats vowed to stay in session around the clock to resolve the debt crisis. house republicans modified their plan
a big difference to a lot of people. >> and by the bill and melinda gates foundation. dedicated to the idea that all people deserve the chance to live a healthy productive life. and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> woodruff: the debt ceiling deadlock in washington led to increasingly urgent appeals for action today. but even as talks resumed, white house officials warned not to expect a hallelujah moment. fresh alarms sounded on wall street and around the world today about the consequences of a potential u.s. government default. standard & poors joined moody's in warning the country's credit rating could be downgraded, if the government tries to pay just the interest on its debt. and china said it hopes the u.s. adopts responsible policies. the chinese hold more than $1 trillion in u.s. debt, more than any other foreign creditor. at a senate hearing, federal reserve chairman ben bernanke-- t
and the one across the capitol, could make a big difference in the outcome of our future by cutting specific programs this week and next week. that's one rare thing you never hear in washington. everybody says you need to cut. when it gets down to talk about what you cut, nobody wants to come up with any cogent ideas because they don't want to take the political heat, because everybody program, no matter how well-intended and how inefficient, has those people who are going to fight for that program because there's money coming into the coffers for somebody. the other point that i would make is the reason we're anxious and the reason we're worried is that we've abandoned the very principles that our founders gave us that would keep us healthy. and that was the constitution and its enumerated powers section, which spells out very succinctly what was our responsibility and what was the states' responsibility. and so we have whole departments. one, for example, would be the department of education. that thomas jefferson said if you ever had the federal government doing anything on education, you
, but it means, mr. president, that we can't be raising taxes on the job creators, and there is a big debate right now about how do we get ourselves out of this fiscal mess. i would submit to my colleagues that the real issue here is spending. if you go back to the foundation of our country, the year 1800, we were only spending 2% of our entire economic output on the government, the federal government. this year we're going to spend 24% to 25%. the historical average over the past 40 years is about 20.6%. we are dramatically higher in terms of what we are spending on our federal government as a percentage of our entire economy. to me, clearly, we don't have a revenue issue here in washington. we have a spending issue. which would suggest that we ought to get after spending, after federal spending, particularly spending that is -- is duplicative, redundant, there are so many things in the federal government that we spend money on that we need to get that waste and that -- and all those types of wasteful spending out of our spending here in washington, d.c., but we also have to focus on those
. there is big cracks in the ground where they were just little cracks. and it is just getting worse. >> unbelievable. another sign of the worsening drought this week is ponds evaporate, ranchers are selling their cattle early at a loss. this is likely to translate into higher food prices for all of us. >>> just three days until possible default and still no solution in sight. the u.s. senate rejected a u.s. house plan to raise the debt ceiling last night. and in just a few minutes or so, the house is expected to block a senate plan to raise the debt ceiling. democrats and republicans continue to spar on capitol hill. >> this is not a crisis which we couldn't control. this isn't an earthquake or a tornado or a hurricane. it isn't a war. it is a created political crisis. the extension of the debt ceiling has been done routinely 89 times since 1939, 55 times by republican presidents, 34 times by democratic presidents, and president ronald reagan holds the record having extended the debt ceiling 18 times in eight years without a confrontation, without the american economy threatening a
opponents. from everything i've been reading trying to keep up with all of this, the big difference here from the democrats' side there's no mention of revenue increases, correct? >> huge concession from democrats. the whole time democrats say there must be revenue on the table, republicans say they can't be. now democrats are dropping that huge demand. here is what supporters would say. this plan gets it done. they would say we're out of time. we're in the going to push for all of our demands anymore. we are backing down in the interest of the country. that's what democrats will say. republicans say, wait a minute, we think this is a setup. we don't think these spending cuts do as much as you say. he don't believe $1 trillion in war money is necessarily real. we also think this doesn't do enough long-term. they say this is not as hefty as democrats claim. does that make sense? >> sure. let me point something out, though. we know harry reid said something that made us wonder, talking about the tea party influence in the different debates and discussions. take a listen and i'll pose a que
, into small businesses, communities, equipment, materials. >> that money could make a big differen to a lot of people. >> and by the bill and melinda gates foundation. dedicated to the idea that all people deserve the chance to live a healthy productive life. and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> woodruff: it was decision day in the house of representatives today as speaker john boehner faced a key test of his leadership, four days before the u.s. government could face default. "newshour" congressional correspondent kwame holman begins our coverage. >> reporter: house republicans pushed forward with a vote today on the speaker's plan, even as the measure faced a white house veto threat and a firm wall of opposition in the democratic- controlled senate. boehner's plan would cut the deficit by $917 billion over the next decade by capping the budgets of federal agencies. the proposal would also raise the de
the discipline of the market place because their size, complexity and interconnectedness made them too big to fail under the resolution processes in place at the time. the expectation of a large financial companies enjoyed the implicit backing of the federal government allow the managers of the company to book short-term profits while ignoring the buildup of tail risk in here in a complex mortgage instruments they held. in the financial market chaos that followed the september 2008 bankruptcy of lehman brothers, the expectation of government support persistent important financial institutions, or sifis, became a really good government assistance to financial institutions took on a variety of forms. a total commitment of almost $14 trillion by the spring of 2009. direct assistance to the largest financial institutions easy to short-term crisis of confidence in the interbank market. and our financial system began to function again. the policymakers fail to effectively attack the root cause of the problem, which was the enormous backload -- backlog of unaffordable and underwater mortgage loan
tax cuts in 2001 and 2003 to the wealthy and big corporations, the so-called job creators, didn't create jobs in the private sector. indeed, only one million net new jobs were created between 2001 and 2009. all government jobs. the private sector reported minus 600,000 jobs. so much for giving tax breaks to the private job generators. some argue against all debt, but all debts aren't bad because all debts are not the same. a $50,000 gambling debt is bad because it has no return. the last decade shows that gambling on tax cuts for the rich to create jobs was bad. gambling on two wars and not paying for them was bad. gambling on a new prescription drug law that was unpaid for was horrible. and gambling on unregulated financial institutions that failed was bad. and they resulted in a housing market collapse, slow economic growth, high unemployment and huge deficits and debts, all bad. so i think we gambled enough on the theory that budget cuts and tax cuts generate private sector jobs and more taxes. the l-a-f-f-e-r is truly a laffer. republicans are right, we do have speaning prob
, you will continue to participate in this important work. stepping into big shoes following general carteret. i thank him for his great service and i hope you will continue to tributaries expertise to national security debates in the future. i urge you to focus immediately upon confirmation on improving the acquisition process. the department and its industry partners have stumbled again and again in producing weapons systems at affordable costs that without question the services desperately need. your involvement is also needed in furthering cyberdefense strategy and nuclear strategy in ensuring we achieve success in the middle east and libya in ensuring the demand for budgetary reductions does not result in loss of capabilities in the military diminished and unable to respond the defense of our vital national interests. general fraser come you are following in the steps of two outstanding leaders that u.s. transportation, general mcnabb and general schwartz. i'm sure you'll receive excellent mentoring and advice from them. last year, dod released the mobility capabilities and requ
this procedural vote to our viewers and what it means. the big vote still to come. >> wolf, they have something in the rules committee that allows members of congress to basically strike the last word if there's ame amendments and stuff that must go to it. this is a procedural vote. >> you used to work for the speaker of the house when he was newt gingrich. >> the motion is the minority party's shot at an alternative. it will be defeated by the majority. >> it's been really intense over these past 24 hours. it looked very gloomy for the speaker, john boehner. all of a sudden they sweetened the pot for the tea party supporters, freshman republicans, and now it looks like he's going to get this language passed. >> a guaranteed vote on the balanced budget amendment. i think that the speaker of the house would not even be bringing this up if he were not absolutely sure that he did not have the votes to pass it which is why he didn't bring it up yesterday. what's interesting about this is we watched for hours last night. people going in and out of his office. pizza being delivered and all the rest.
Search Results 0 to 38 of about 39 (some duplicates have been removed)

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